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Structural Warranty Insurance Protects promoters, builders and property owners against structural damages for 10 years after project finalitation.
This policy protects the owners, buyers and promoters against possible costs caused by failures in the foundation, structure or supporting elements, ensuring the security of the property and compliance with the Spanish Building Regulations Law (LOE).
Having a Structural Warranty Insurance gives confidence to buyers, makes easier the bank financing and enurance a professional response against any structural issue for 10 years since the finalitation of the build.
Highlighted Coverages
- Compensation or repair of material damage to the buyer
- Material damage to the urbanization
- Material damage to the building
- Repair and reinforcement costs
- Debris removal and salvage costs
Detailed Information
- FOR WHOM?
Structural Warranty Insurance is intended for promoters and builders of residential buildings that will be sold to third parties. It also benefits buyers, property owners, and even financial institutions that require this guarantee for mortgage approval.
The policyholder is usually the promoter, although in some cases the builder may also be responsible for the insurance.
- WHY?
Because the Spanish Building Regulations Law (LOE) makes it mandatory for residential buildings intended for sale.
Because it protects against serious structural defects that could compromise the building’s stability during the 10 years following completion.
Because it provides confidence to buyers and facilitates project financing from banks and investors.
- COVERAGES
- ✔ Compensation or repair of material damage to the buyer
Covers material damage caused by hidden structural defects affecting the property, offering the buyer either repair or financial compensation for the damage suffered.
- ✔ Material damage to the urbanization
Includes structural damage affecting common elements of the surrounding development linked to the insured building, such as access roads, retaining walls, or shared facilities.
- ✔ Material damage to the building
Covers repair of material damage that affects the stability, solidity, or structural safety of the building, such as cracks, subsidence, or shifts in load-bearing elements.
- ✔ Repair and reinforcement costs
Covers the necessary costs to repair or reinforce the affected structural elements, including labor, materials, and technical project management.
- ✔ Debris removal and salvage costs
Includes the costs of demolition, debris removal, and salvage of affected materials required to carry out structural repairs covered by the policy.
- REAL CASE
A buyer discovers major cracks in the building’s structure three years after delivery. A technical report determines that the issue stems from foundation failure due to poor construction practices.
Thanks to the Structural Warranty Insurance, the repair, reinforcement, and debris removal costs are covered by the insurer, preventing financial loss for both the promoter and the buyer.